Note 15 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

15. Leases

We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of  December 31, 2022, our lease contracts were primarily classified as operating leases and had terms ranging from month-to-month to 23 years. As of  December 31, 2022 and 2021, right of use assets and long term lease liabilities were separately presented and short term lease liabilities of $18.6 million and $18.8 million, respectively, were included in accrued expenses and other current liabilities in our consolidated balance sheets. As of  December 31, 2022, we had no lease contracts that had not yet commenced but created significant rights and obligations. Lease expense was $21.9 million, $22.9 million and $21.7 million for the years ended  December 31, 2022, 2021 and 2020, respectively.

As of  December 31, 2022 and 2021 our weighted-average remaining lease term was 4.28 years and 3.72 years, respectively, and the weighted-average discount rate was 3.85% and 3.58%, respectively.

As of  December 31, 2022, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, as it is not materially different than the discount rates applied to each of the leases in the portfolio.

The following table summarizes the maturities of our undiscounted lease liabilities outstanding as of  December 31, 2022 (in thousands):

2023	$	22,798
2024		20,110
2025		12,822
2026		7,244
2027		5,564
2028 through 2036		9,743
Total future minimum lease payments	$	78,281
Less imputed interest		(27,449	)
Total	$	50,832

Royalties

Excluded from the table above are minimum royalty requirements under all contracts, primarily quarry property, in effect at December 31, 2022 which are payable as follows: $2.1 million in 2023; $1.6 million in 2024; $1 million in 2025; $0.9 million in 2026; $0.6 million in 2027; and $3.8 million thereafter.